Report: Justice Dept. Probing JPMorgan’s Big Loss

by: May 15, 2012

The Justice Department has begun looking into JPMorgan Chase’s $2 billion-and-counting loss from a hedge account, The Wall Street Journal reports. It cites “a person familiar with the matter” as its source.

The Journal adds that “the probe is at an early stage and it isn’t clear what possible legal violation federal investigators may be focusing on.”

Meanwhile, at JPMorgan’s annual shareholder meeting today in Tampa, CEO Jamie Dimon “survived a shareholder push … to strip him of the title of chairman of the board,” The Associated Press reports, and “won a shareholder endorsement of his pay package from last year, which totaled $23 million.”

During the meeting, Dimon said the trading loss, “should never have happened. I can’t justify it. Unfortunately these mistakes were self-inflicted.” He pledged to learn from the mistakes “and fix them.”